SOCIAL AND POLITICAL CONTEXT

Cryptocurrency
In the verification and validation stages of
software development, practitioners check to
make sure the software is delivered bug-free,

and
and that it meets the requirements it must
satisfy. But rarely do software practitio-
ners examine the bigger picture—the quality
impacts that a class of technologies might

Blockchains
have on societies and economies. This article
does just that, taking a step back to address
the larger-scale business and social value
of cryptocurrencies and other blockchain-

in Emerging
based systems, emphasizing their unique
value proposition in emerging economies. By
improving the quality, reliability, and audit-
ability of key processes that impact national

Economies
economies, blockchain-based systems have
the potential to improve access to energy,
banking, and access to the developed world.

KEY WORDS
blockchain, cryptocurrency, emerging econo- SEAN BUTTON
mies, value

INTRODUCTION
Cryptocurrencies are digital and decentralized assets, encrypted
and transferred between peers. In most cases, they are not backed
by tangible value stores (such as gold) or government agencies
(such as the Federal Reserve); this lack of centralization has
been indicated as one of the key strengths of cryptocurrencies.
Cryptocurrencies are implemented using blockchains, which are
novel data structures that capture a shared, digital ledger in which
all parties agree to transactions before they are stored, and all
parties own a full copy of the ledger (Benton and Radziwill 2017).
Although brought to prominence by Bitcoin, blockchain-based
systems could support use cases well beyond cryptocurrency,
including identity management, secure voting, and data-driven
supply chain management.
To understand the implications of blockchain, it is imperative
to start with its first successful use case: cryptocurrency. While
cryptocurrency is the subject of most of the publicity surround-
ing blockchain, the impacts of blockchain stretch far beyond
currencies and exchanges, affecting industries such as energy
and shipping, and applications such as identity management
and voting.
This article examines the relationship between cryptocur-
rencies and blockchain-based technology from the perspective
of emerging economies, an approach that can highlight the
constructs required for successful blockchain-based innovation
in any country. Developing economies are positioned to capture
opportunities emerging from this new technology, particularly
since social structures, the nature of governance, and the

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 Cryptocurrency and Blockchains in Emerging Economies

availability of infrastructure represent unique chal- and the current high demand for cryptocurrency could
lenges. For example, similar to the growth of China’s continue to keep prices high and extremely volatile
economy starting in the mid-1990s, sub-Saharan Africa is (Tucker 2017).
expected to experience economic growth through direct Bitcoin is perhaps the oldest (and most well-known)
investment by more developed nations that recognize cryptocurrency. Like other cryptocurrencies, Bitcoin
the potential for innovation from both the technology transactions rely on the existence of the blockchain,
and social good perspectives. a data structure with very special properties—most
This article is organized as follows. First, basic significantly, immutability, meaning that only validated
elements of cryptocurrencies and blockchains are records can join the blockchain, and once those records
explained. Next, the relationship between the quality are captured, they can never be changed. Blockchain
and robustness of internet connectivity in different transactions for Bitcoin are verified through crypto-
regions is discussed with respect to the relationship of graphic problems called “proof of work,” which are
infrastructure expansion on economic growth. Specific computationally complex puzzles that require powerful
examples of blockchain-based startups in Africa are clusters of computers to solve. Bitcoin “miners” work
presented as exemplars of these issues. Finally, use cases continuously to solve these cryptographic problems,
for both cryptocurrency and blockchain in emerging competing for the privilege of submitting the next block
economies are presented. to the blockchain.
As a result, energy requirements to power the

CRYPTOCURRENCIES computers that search for a solution are significant.

One Bitcoin transaction requires the same amount of
AND BLOCKCHAINS power that nine homes in the United States use in a day.
Under cryptocurrencies, the context of banking transac- On a larger scale, the entire Bitcoin network requires
tions is drastically altered. For example, if a consumer 31 terawatt-hours per year to run—more energy than
goes to a computer store and purchases a computer with approximately 150 of the world’s 200 countries consume
a credit card for $1,000, the computer store does not annually (Holthaus 2017). If Bitcoin mining continues
immediately receive that $1,000, nor does the consumer unhindered by technology issues or expanding legal
immediately give it up. Instead, the purchase decision regulations, by 2019 the Bitcoin network will consume
only indicates that promises are being made. The more energy than the entire United States currently
consumer is making a promise to the credit provider does—and by 2020, it will use as much energy as the
that he or she will give them $1,000 at the end of the entire world. Not only is this expensive, but it is also quite
month, while the credit card provider makes a promise costly for the environment, and it reduces the amount
to the computer store that it will receive $1,000 within a of available energy for developing countries.
short time. If the consumer does not pay the credit card,
the computer store still receives its money, because the THE INTERNET CATALYZES
credit card provider made this promise as the trusted
third-party intermediary.
GROWTH IN EMERGING
In contrast, using a cryptocurrency at the point of ECONOMIES
purchase, the funds are immediately transferred to Blockchain-based systems require communication
the computer store; and when it receives those funds, networks to support the distributed transactions. The
it in turn provides the consumer with the requested development and commercialization of the internet over
computer. Without central banks warehousing the the past two decades has directly resulted in a more
money, managing loans, and paying or charging inter- interconnected world economy. As internet coverage and
est, who will have control over this money and the accessibility expands, so do the economies of countries
economy? As a consequence of their peer-to-peer nature, that have successfully capitalized on the benefits. In this
cryptocurrencies make it possible for users to bypass short time, the internet has transformed the way busi-
central governments entirely, and set their own terms ness is done across the world. According to a McKinsey
and conditions. Free market and competition could study, between 2006 and 2011, the internet contributed
drive interest rates down, or the opposite could happen, 21 percent of gross domestic product (GDP) growth

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 Cryptocurrency and Blockchains in Emerging Economies

and overall 3.4 percent of GDP in developed economies organizations, email is used as the primary form of
(Manyika and Roxburgh 2011). Given the growth rates communication, especially when communicating with
in developed economies due to internet utilization, international clients or partners. Email is one of the
developing economies will experience large GDP growth lowest-cost and most-efficient forms of communica-
rates if resources are committed to improving internet tion, especially since there are no additional fees for
infrastructure (Salahuddin and Gow 2016). emailing someone who is located in a different country.
Investment in internet and telecommunication If a business in a developing economy does not utilize
resources has become crucial for business success email, it will miss opportunities to communicate with
in both developed and developing countries. While and partner with larger businesses.
developed economies have decades of experience
(and trillions of dollars) invested in the technology
infrastructure, developing countries do not necessarily
GROWTH REQUIRES
follow the same pattern or timeline. China and India, ROBUST CONNECTIVITY
for example, have demonstrated rapid growth due to the The United States and Russia both report that more
uptake of smartphones and the accelerated buildout of than 75 percent of its residents are internet users,
cellular networks. a penetration proportion similar to many western
Since 2010, China’s economy has experienced mas- European countries. Estimates show that there will
sive growth as a result of the internet. In 2013, China’s be 700 million smartphones active in Europe by 2020,
online retailing market reached sales of $300 billion. This double the estimated number for North America at that
represents 4.4 percent of the country’s GDP, a higher time. (Contact CIA 2016).
percentage than online retailing in both the United In contrast, only a couple countries in Africa can
States and Germany. China is expected to double its claim at present that more than 30 percent of their
GDP between 2013 and 2025 (Manyika and Roxburgh populations are internet users, despite wide variability
2011). Much of this growth is based on large businesses in internet penetration (Kenya and Mauritius reported
implementing more internet-based software solutions, 89 percent and 84 percent, respectively). Many African
and does not include the effects for small businesses. countries report that fewer than 20 percent of their
Along with GDP growth, quality of life, workforce skill populations are online; Somalia was one of the lowest,
level, and information sharing have also all improved, with roughly 200,000 internet users reported in a
putting China on a path to become the most dominant population of 11 million (2 percent) (Contact CIA 2016).
economy in the world. Similar to southern African Even though these proportions are relatively low, the
countries, China’s internet economy has been heavily rate at which the internet can be adopted and scaled
impacted by the adoption of mobile phones; fully half of across a country is impressive. For example, China’s
China’s population accesses the internet through mobile rapid internet growth shows how fast a country can
phones (Wright 2016). Due to enhanced connectivity, adapt to connectivity. In just over 20 years, China grew
outsourcing to China has also increased. its internet usage to 750 million, with 500 million of
In addition to China, India has experienced incredible these users adopting the internet between 2008 and
growth as well. Internet-based software and services con- 2016 (Xinhua 2014).
tributed to 5 percent of GDP growth in India from 2006 Countries in sub-Saharan Africa with low penetra-
to 2011 (Manyika and Roxburgh 2011). Another study tion have reported massive percentage-based increases,
indicated that for every $10 (U.S. equivalent) increase in though mostly due to the rapid adoption of smartphones.
paid internet subscriptions, there was a corresponding This distinction is necessary to take into consideration
1 percent increase in GDP (Manzar 2011). While these because Africa, in some ways, has leapfrogged over
numbers are historic, in terms of the internet, they are steps that more developed economies have taken in
clear indicators that developing economies in southern internet development, most notably the provisioning of
Africa could experience similar results. internet service over copper landlines. African users have
The impacts of the internet on developing economies already begun to use mobile applications to supplement
stretch far past the realm of e-commerce. Agriculture, physician visits and cashless banking, uses that have
health, employment, and financial institutions all rely only gained popularity in the United States in recent
heavily on the use of the internet. For example, in many years. Unfortunately, this kind of rapid expansion is not

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 Cryptocurrency and Blockchains in Emerging Economies

possible in all areas. According to The Guardian, only by promoting small-scale investments in startups.
one-third of Africans in these regions have access to grid Microlending has already demonstrated substantial
electricity (Rice-Oxley and Flood 2016). In addition to benefits for the communities it serves. For example,
curtailing tasks and tools that might make routines more microlending nonprofit Kiva has connected 1.7 million
effective, access to electricity also impacts individuals’ loaners with 2.6 million borrowers, yielding more
abilities to charge their mobile phones. than $1 billion equivalent in loans worldwide in just
Fortunately for developing countries, the availability 12 years with a phenomenal 97 percent repayment
and robustness of connectivity is advancing rapidly, rate (Carr et al. 2016). Blockchain-based microlending
allowing new product innovation to shape developing can further improve upon this growth, eliminating
economies. Rather than rebuilding the tools of developed nonvalue-adding agents between the loan providers
economies, entrepreneurs in Africa are building new and recipients, improve efficiency, and release money
tools specifically to meet their countries’ needs. In periodically (through smart contracts) to the borrower
particular, entrepreneurs are seeking to address pain as certain financial goals are met. Since loan proceeds
points associated with issues such as financial institution are not managed by a traditional financial institution,
stability, corrupt governments, energy availability, and the scope of governmental power is reduced, mitigating
identity security (Nir Kshetri 2017). Due to the nature the risk introduced by corrupt central systems. Loan
of how blockchain works, and the types of challenges it recipients will be able to access their money outside the
solves, Africa is the perfect location for pilot implementa- control of their centralized governments, and will have
tions of blockchain-based solutions. access to the same currency markets as the rest of the
world; thus, “runs on the bank” will be prevented. This
BLOCKCHAIN-BASED will increase the funding supply for African countries,
while decreasing the costs of administering these loans.
SYSTEMS IN AFRICA
Enter blockchain, a disruptive technology that provides
a new mechanism for tracking transactional information.
Access to Energy
Another step to improving living conditions in sub-
A blockchain is a distributed ledger that ensures all ver-
Saharan Africa is through increased access to electricity.
sions of the transactions it captures are accurate, which
In 2017, a study sponsored by Ox Fam (an international
prevents malicious behavior and forms a collection of
research and policy advisory firm) found that 663 million
transactional data that cannot be hacked or altered. A
people in Sub-Saharan Africa did not have electricity in
blockchain network relies on its entire community to
their homes (Morrissey 2016). Impacts go well beyond
verify or update a transaction, and allows all users to
not having a well-lit home at night: for example, these
maintain an up-to-date version of the ledger. Blockchain-
families are more likely to experience premature
based systems remove the requirement of authority from
deaths, lack of productivity, and lower quality of life.
a central user and enlist a “one user, one vote” policy to
They must spend more time and energy on tasks that
ensure no single person or organization can hijack the
those living in homes with energy do not, a loss of time
blockchain or manipulate the ledger it stores.
and energy that can inhibit growth and development.
Work is already underway to explore how blockchain-
Blockchain-based systems can support energy markets
based solutions could solve problems in this region.
where individuals both consume and produce power.
For example, BitHub Africa (founded in Kenya in 2015)
Producers receive tokenized credit that they can use to
aims to incubate blockchain startups on the continent,
acquire more energy when they need it, or can exchange
currently focusing on applications that provide direct
it for a different cryptocurrency to purchase goods or
social good. It has identified microlending, access to
services. Energy distribution over smart grids will allow
energy, and adoption of cryptocurrencies as issues that
users with excess energy to sell that energy at a fair
will be the easiest to address.
market price. By supporting blockchain-based green
energy tools, a new economy of trading energy could
Microlending emerge. Within five years, Karanja (2017) estimates
Microlending via blockchain will allow quicker access to that blockchain will begin to demonstrate benefits in
credit and loans, which will help stimulate the economy these areas.

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 Cryptocurrency and Blockchains in Emerging Economies

Cryptocurrencies difference from traditional cryptocurrencies that are not

backed by tangible value stores (Ulmer 2017). This chal-
Replacing Banking lenges the notion that a cryptocurrency should be built
According to Nasdaq, 80 percent of Sub-Saharan African outside the control of a central government or authority,
citizens are not affiliated with banks (Tozzi 2017). where value is based on acceptance and consensus of
Constant political unrest leads to unstable national the community that uses it rather than physical assets.
economies, and in addition, there is a lack of banking Patterns of use will indicate whether the petro becomes
infrastructure and capital. Lack of transparency into the fundamentally different than the bolivar, Venezuela’s
operations of local and regional governments and institu- current currency; more likely, it will settle into use as
tions has also led to a distrust of banking institutions. a vehicle for online payments, much like PayPal.
Because blockchain-based cryptocurrencies can help Many international forces are expressing interest in
solve many of these problems, and because traditional cryptocurrencies. The People’s Bank of China has been
banking has not achieved “lock-in,” countries in Africa prototyping its own cryptocurrency, and Bloomberg
are perfectly positioned to make a leap in progress com- predicts it will be the first major bank to issue its own
pared to countries in the West. In late 2017, Bitcoin was digital currency. This development is curious because of
trading 33 percent higher in Nigeria than in the United China’s history of cryptocurrency regulation: between
States or other developed economies. This higher trading November 2017 and February 2018, China has banned,
value means Nigerians are placing their confidence in, and then reapproved, and then banned (once again) the
and attributing high value to, this new form of currency. trading of cryptocurrency. Russia has also expressed
Unfortunately, African countries do not have access to interest in developing its own cryptocurrency, as has
the same markets as people in the United States, Japan, the U.S. Federal Reserve (Curran et al. 2017).
Europe, and China.
Cryptocurrencies enable citizens of developing econo-
mies to access more stable value stores that are outside
USE CASES FOR BLOCKCHAIN
the control of centralized governments, and thus may be IN EMERGING ECONOMIES
perceived as less risky. Since anyone in the world with Blockchain was designed to store information in a way
internet access can trade in cryptocurrency, by nature that captures its evolution, prevents manipulation, and
they are less volatile than local and regional currencies resists fraud. These are critical capabilities for emerging
because fluctuations in value are influenced by more than economies plagued by political and social unrest. This
just the economic conditions of the host country. This section explores the impacts of three specific use cases
currency security, coupled with microlending, will aid in Sub-Saharan Africa: improved identity management,
in growing the economies of developing nations (Hackett secure voting, and shipping systems.
2017). Asian countries have already begun to invest
heavily in African countries. For example, China has
established a military presence, purchased land, and has
Identity
In refugee situations and under other circumstances
thousands of its citizens working in Nairobi (Lee 2018).
where people are quickly forced to flee their homes,
legally maintaining proof of one’s identity can become
USE CASES FOR extremely challenging. Beyond the initial challenges,
CRYPTOCURRENCY IN documentation can be lost, stolen, damaged, or revoked.
When documentation is not available, it can be difficult
EMERGING ECONOMIES (and sometimes impossible) to seek refuge in another
In December 2017, Venezuela introduced the “petro,” the country. Even if a refugee’s displacement is short term,
country’s own new cryptocurrency. It is being introduced it can be challenging to reclaim his or her assets by
to help the country break away from international proof of identity. A combination of biometrics and
dependence on the U.S. dollar and circumvent sanctions blockchain technology should be able to better protect
that have been put in place by the U.S. government. The identities. Biometrics data can be used to create and
government claims that the petro will be backed by the maintain digital identities of people, and this informa-
country’s oil, gas, gold, and diamond reserves, a stark tion can be stored on a blockchain for protection. This

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 Cryptocurrency and Blockchains in Emerging Economies

could include pictures, identification numbers, proof of would be accurate and available to the public on an ongo-
residency, banking information, or educational creden- ing basis. While a significant infrastructure investment
tials. Furthermore, official documents like passports, would be necessary to implement this kind of system,
medical records, and work records could all be stored the intangible benefits (such as increasing citizens’ trust
in blockchain-based systems. If people were forced to in democratic systems) would be substantial.
flee their home country, access to a public blockchain While identity management and voting on a block-
that contained identifying information could help them chain may appear to be lofty visions, even for developed
obtain aid and resettle much more quickly. Microsoft and economies, it is an attainable feat. There are two core
Accenture have partnered with the United Nations to components of implementing these systems. First, there
bring digital identities to the estimated 1 billion people is the blockchain technology. As previously mentioned,
worldwide who do not have physical proof of who they Microsoft, along with many others, have begun work on
are (Irrera 2017). identity management systems on the blockchain. Second,
Not only will blockchain-based identity manage- there is access to the blockchain-based application via
ment systems help people prove who they are, but they smartphone. Given decreased costs of smartphones and
will also help reduce or eliminate identity fraud. With broadband connection, smartphone penetration and
blockchain-based identity management systems, it will internet access will continue to grow in Africa. According
be much harder, if not impossible, to establish fake IDs to a 2015 study conducted by GSMA, smartphone
and fake documentation. This may also prove useful for penetration will reach 518 million unique subscribers,
immigration and antiterrorism measures. roughly 49 percent of the African population (The Mobile
Economy Sub-Saharan Africa 2015).
Voting
Voting is another field that can be revolutionized and Shipping
secured by blockchain, especially in developing econo- Shipping will be greatly impacted by blockchain because
mies; unfortunately, these solutions require ubiquitous blockchain-based systems for tracking cargo will be more
connectivity and high penetration of smartphones and robust to piracy and terrorist attacks, and improving
similar devices. Secure voting systems will allow for a the integrity of the shipping industry in and of itself
low-cost, “one vote-one person” impenetrable system is expected to improve economic conditions in Africa
and could also help resolve issues such as low turnout (Baipai 2017). As China and India continue to grow in
rate, high costs of conducting an election, and voter power and influence, production of low-skill products
fraud. Low turnout would be mitigated because people is expected to shift to Africa, thus increasing exports
would vote from their personal devices. In countries from the continent and growing the need for reliable
that struggle with voter oppression, the ability to vote software systems to support shipping.
from a device the voter owns (without coercion to vote The Israeli firm Zim is currently implementing a
for a specific candidate) will improve voter participation blockchain-based solution, built using IBM’s Hyperledger
rates as well as authenticity of the election. Paper ballots Fabric, to enhance the efficiency of business processes
and administrative staff would not be required, and the associated with cargo shipping. It is securely hosted
energy and time to conduct an election would be signifi- on the cloud. This blockchain network will require all
cantly decreased as compared to a traditional election. parties involved in the purchase or shipping of a good
Fraud would also decrease under a blockchain-based to verify all payments and documents on an ongoing
voting system. When accessing the blockchain voting basis. Detecting forgeries in real time will improve
portal for the first time, users would authenticate their transparency, decrease shipping times, and decrease
identity, most likely using a blockchain-based identity costs. The cost reduction is nontrivial. In 2014, Maersk
management system. This would prevent voting under determined that just one refrigerated shipment could
a fraudulent or assumed identity, would prevent single pass through nearly 30 people and organizations on its
users from casting multiple votes, and would ensure votes journey from seller to buyer, and involve more than 200
were not recorded for deceased people. In addition, it events. This multitouch process is not only time consum-
would be impossible for any party to claim they won if ing, but presents many opportunities for errors. “The
they did not, because the vote count on the blockchain costs associated with trade documentation processing

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 Cryptocurrency and Blockchains in Emerging Economies

and administration are estimated to be up to one-fifth specifically to address the political and social needs in
the actual physical transportation costs” (Marex 2017). those countries; the utility and viability of those newly
Transoceanic shipping is a critical part of the global implemented tools and solutions is still an open question.
economy because it is the most cost-effective method of Practitioners should be advised that despite the appeal
transferring goods over long distances. However, small of blockchain-based technologies, and the proliferation
profit margins can be a particular challenge, driving of tools to build systems that leverage blockchains, first
the need to reduce the costs of the business processes. principles should still be applied to solving any tech-
With so many parties involved in shipping items from nological problem. If the business requirements would
one country to another, a more streamlined process can be satisfied by an ordinary database, and there are no
benefit all organizations within the industry. compelling requirements for immutability, traceability,
“Smart contracts” make it possible for supply chain or auditability, then the simplest and most parsimonious
solutions like these to function. A smart contract is a solutions should be selected. This heuristic applies to
self-executing event that is automatically triggered when projects in established economies as well.
the conditions of a certain transaction are met. Since
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Sean Button graduated from James Madison University, where he
Salahuddin, M., and J. Gow. 2016. The effects of Internet usage, financial obtained a bachelor’s degree in international business in December 2017.
development and trade openness on economic growth in South Africa: Button penned this article for his capstone during his final semester.
A time series analysis. Telematics and Informatics 33, no. 4:1141-1154. Upon graduation, Button began working for CapTech Ventures, a national
The Mobile Economy Sub-Saharan Africa 2015. 2015. London, England: consultancy that focuses on custom-built, on-shore, personal, and IT solu-
GSM Association. tions. Button can be contacted at seanthomasbutton@[Link].

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